Financials

Financial Statement Highlights

The accompanying financial statements have been prepared on the accrual basis of accounting in accordance with standards established by the Financial Accounting Standards Board (FASB) for external financial reporting

BALANCE SHEET

The balance sheet presents the College’s financial position as of August 31, 2018. The College’s largest financial asset is its investment portfolio, representing 62% of total assets, with a fair market value of $345.1 million. The investment portfolio includes $324.1 million relating to the College’s endowment, which represents contributions subject to donor-imposed restrictions that such resources be maintained permanently by the College or assets designated to the endowment by the Board of Trustees. The endowment is managed to achieve a prudent long-term total return (dividend and interest income and investment gains). The Trustees have adopted a policy designed to preserve the value of the endowment portfolio in real terms (after inflation) and provide a predictable flow of income to support the College’s operations. In accordance with the policy, $14.2 million of investment return on the endowment portfolio was used to support operations in fiscal year 2018.

The College’s second largest and oldest asset is its physical plant, consisting of land, buildings, furniture and fixtures, and equipment. As of August 31, 2018, the net book value of plant assets was $150.3 million, representing 27% of the College’s total assets.

The College’s liabilities of $195.7 million are substantially less than its assets. As of August 31, 2018, long-term debt represented the most significant liability at $106.6 million.

In accordance with FASB standards, the net assets of the College are classified as either unrestricted, temporarily restricted, or permanently restricted. Unrestricted net assets are not subject to donor-imposed restrictions. At August 31, 2018, the College’s unrestricted net assets totaled $127.3 million. Temporarily restricted net assets are subject to donor-imposed restrictions that will be met either by actions of the College or the passage of time and appreciation on donor endowment funds. The College’s permanently restricted net assets consist of the original principal of endowment gifts and certain pledges.

STATEMENT OF CHANGES IN NET ASSETS

The statement of changes in net assets presents the financial results of the College and distinguishes between operating and non-operating activities. Unrestricted operating revenues totaled $220.3 million. The College’s principal sources of unrestricted operating revenues were student tuition and fees, net of student aid, representing 52% of operating revenues, and grants and contracts for research and training programs, representing 23% of operating revenues. Investment return, auxiliary activities, and other sources comprise the remaining 25% of operating revenues. Operating expenses totaled $217.7 million. Non-operating activities principally include contributions, investment return, net of amounts appropriated as determined by the College’s endowment spending policy and non-operating changes to pension and postretirement liabilities. 

BALANCE SHEET August 31, 2018

ASSETS

 

Cash

      29,268,433

Student accounts and other receivables, net

         6,319,904

Grants and contracts receivable

         8,785,837

Inventories and other assets

         2,363,709

Contributions receivable, net

      14,195,026

Funds held by bond trustees

              90,388

Investments

    345,118,330

Student loans receivable, net

         2,299,436

Plant assets, net

    150,257,756

TOTAL ASSETS

  558,698,819

 

 

LIABILITIES

 

Accounts payable and accrued expenses

      13,380,746

Deferred revenues

      26,462,131

Long-term debt, net

    106,557,247

Accrued pension and other benefit obligations

      42,552,945

Other liabilities

         3,570,968

Funds held for others

         3,194,559

TOTAL LIABILITIES

195,718,596

 

 

NET ASSETS

 

Unrestricted net assets

127,278,283 

Temporarily restricted

124,349,864 

Permanently restricted

111,352,076 

TOTAL NET ASSETS

  362,980,223

TOTAL LIABILITIES AND NET ASSETS

  558,698,819

 

STATEMENT OF CHANGES IN NET ASSETS Fiscal Year ended August 31, 2018

 

Unrestricted

Temporarily restricted

Permanently restricted

Total

OPERATING REVENUES

Student tuition and fees, net of student aid

113,894,475

-

-

113,894,475

Grants and contracts

50,738,145

-

-

50,738,145

Contributions

4,299,018

-

-

4,299,018

Endowment return appropriated and other investment income

14,922,597

-

-

14,922,597

Sales and services of auxiliary enterprises

22,659,520

-

-

22,659,520

Other sources

6,076,068

-

-

6,076,068

Net assets released from restrictions

7,710,246

(7,710,246)

-

-

TOTAL OPERATING REVENUES

220,300,069

(7,710,246)

-

212,589,823

         

OPERATING EXPENSES

Instruction

76,531,662

-

-

76,531,662

Research, training and public service

45,944,764

-

-

45,944,764

Academic support

19,554,587

-

-

19,554,587

Student services

10,472,061

-

-

10,472,061

Auxiliary enterprises

41,609,149

-

-

41,609,149

Institutional support

23,592,748

-

-

23,592,748

TOTAL OPERATING EXPENSES

217,704,971

-

-

217,704,971

CHANGE IN NET ASSETS FROM OPERATIONS

2,595,098

(7,710,246)

-

(5,115,148)

         

NON-OPERATING ACTIVITES

Contributions

-

9,830,477

3,103,000

12,933,477

Investment return, net of amounts appropriated

3,937,409

9,491,301

-

13,428,710

Pension and postretirement changes other than net periodic benefit costs

4,364,856

-

-

4,364,856

Release from restrictions for capital

1,564,199

(1,564,199)

-

-

Other, net

(257,252)

(30,505)

95,182

(192,575)

CHANGE IN NET ASSETS

12,204,310

10,016,828

3,198,182

25,419,320

NET ASSETS AT BEGINNING OF YEAR

115,073,973

114,333,036

108,153,894

337,560,903

NET ASSETS AT END OF YEAR

127,278,283

124,349,864

111,352,076

362,980,223

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